“The powers that be have no solution” to the crises confronting Detroit and other U.S. urban centers, said Abayome Azikiwe, editor of the Pan African News Wire. A federal judge has been hearing testimony on the state-appointed Emergency Financial Manager’s plans to bankrupt the city. “From the White House to Wall Street, all the way down to the state capitals and municipal governments, all they offer is more debt to float more bonds,” said Azikiwe. “There’s no discussion about jobs, economic opportunities, repopulating the cities. The narrative is austerity and more austerity.”

ISDA Master Agreement

The ISDA master agreement is the most commonly used master contract for OTC derivative transactions internationally. It is used to govern many of the financial transactions between the City of Detroit and Wall Street. Below are links to the agreement and sites with explanations.